The Federal Reserve cut the federal funds rate three times in 2024 for a total reduction of one percentage point. As a result, deposit interest rates — including money market account rates — have been falling.

It’s more important than ever to compare MMA rates and ensure you earn as much as possible on your balance.

Although money market account rates are elevated by historical standards, the national average rate for MMAs is just 0.64%, according to the FDIC. The good news: Top high-yield money market accounts offer well over 4% APY — more than six times the national average.

That’s why it’s important to shop around before opening a money market account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers.

Here’s a look at some of the top MMA rates available today:

See our picks for the 10 best money market accounts available today>>

Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.

Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they’re able to pass those savings onto customers in the form of high deposit rates and low fees. If you’re searching for the best money market account rates, online banks are a great place to start.

That said, online banks aren’t the only place you can find savings accounts with rates of 4% to 5% APY. Credit unions are not-for-profit financial cooperatives, and are also know for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join.

Read more: Are online banks really safe?

Money market accounts can be a great option for short-term savings goals, like building an emergency fund or setting aside money for an upcoming expense. They generally offer higher interest rates than regular savings accounts, and they provide easier access to your money compared to some other options like certificates of deposit (CDs).

Money market accounts are also considered low-risk, and they are FDIC-insured up to the standard $250,000 per depositor, per institution. This makes them safer than money market funds, which can be subject to market risk.

However, keep in mind that many money market accounts require a minimum balance to open the account and earn the highest advertised rate. If you can’t maintain this balance, you might incur fees or miss out on the best rates.

And although you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, this might be a consideration.

Read more: Is there a penalty for withdrawing from your money market account?

When a money market account makes sense:

• You want to earn more interest than a regular savings account without locking up your money in a CD.

• You can maintain the minimum balance to avoid fees.

• You want to keep funds easily accessible for emergencies or near-term expenses.

Currently, the average money market account rate is 0.64%. However, several high-yield accounts pay upwards of 4% or more. If you’re considering opening a money market account, be sure to shop around and compare rates.

There is no one account or investment that guarantees a 12% return. However, if your goal is to earn a strong return on your money and grow your wealth significantly, investing in market securities such as stocks, mutual funds, exchange-traded funds is the best strategy for doing so. The stock market returns about 10% per year, on average.

If you aren’t sure where to start, it can be helpful to speak with a financial advisor about your financial goals and priorities. Alternatively, you can sign up with a robo-advisor, which is an automated, cost-effective option for managing your portfolio.

Read more: Robo-advisor: How to start investing right away